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From the moment it was first indicated that use of aluminum chloride during purification of drinking water might be one of the triggers of Alzheimer’s disease, it took only a few years to almost abandon this practice worldwide. Now, two years after the initial evidence was presented that the cheapest possible replacement for aluminum chloride (ferric hydroxide, better known as ferrous sludge) significantly threatens soil fertility, there is almost no action. A robust case study was conducted among European drinking water treatment plants. First, it is reported that some samples of ferrous sludge can reduce phosphorus availability by more than 70%. This creates a precondition for a significant reduction in fertility over a decade. Because the legislation usually responds to similar findings with great delay, the extent to which managers of drinking water treatment plants are willing to change process settings by themselves has also been assessed. The findings obtained allow us to expect that a long continuation of this hazardous practice can be expected, since managers of drinking water treatment plants show little willingness to switch from the ongoing questionable technology (harmful to nutrient cycles in soil) to environmentally favorable (though slightly more costly) solutions.
Tomáš Brabenec; Anna Maroušková; Tomáš Zoubek; Martin Filip. Residues from Water Precipitation via Ferric Hydroxide Threaten Soil Fertility. Sustainability 2021, 13, 4327 .
AMA StyleTomáš Brabenec, Anna Maroušková, Tomáš Zoubek, Martin Filip. Residues from Water Precipitation via Ferric Hydroxide Threaten Soil Fertility. Sustainability. 2021; 13 (8):4327.
Chicago/Turabian StyleTomáš Brabenec; Anna Maroušková; Tomáš Zoubek; Martin Filip. 2021. "Residues from Water Precipitation via Ferric Hydroxide Threaten Soil Fertility." Sustainability 13, no. 8: 4327.
Competitive advantage is the key to a company’s success, and the business strategy represents a long-term plan to achieve a competitive advantage by affecting the company’s financial behavior. This research studies the interaction of business strategy, competitive advantage, and financial strategy to explore whether companies choose different financial strategies based on their business strategies as well as what role competitive advantage plays in their decision-making. By building a composite index and observing maturity mismatched investment, this research quantifies the risk level of business strategies and financial strategies. Using text analysis of a company’s annual report, the research builds a dummy variable to measure the competitive advantage. Based on the samples of A-shares listed on the China Shanghai and Shenzhen stock exchanges from 2007 to 2016, the research shows that the risk level of business strategy and financial strategy tends to move in opposite directions. If a company embraces an aggressive business strategy, it is more likely to choose a conservative financial approach in terms of lower overall risks, but for the company with a competitive advantage, the negative correlation between these two strategies is weakened. Further analysis found that company ownership, free cash flow, and the quality of internal control also play a significant role in the interaction between business strategy and financial strategy. Our findings not only enrich research on business strategy and financial behavior, but also deepen the understanding of competitive advantage and corporate financial strategy theoretically.
Can Wang; Tomas Brabenec; Peng Gao; Ziyu Tang. The Business Strategy, Competitive Advantage and Financial Strategy: A Perspective from Corporate Maturity Mismatched Investment. Journal of Competitiveness 2021, 13, 164 -181.
AMA StyleCan Wang, Tomas Brabenec, Peng Gao, Ziyu Tang. The Business Strategy, Competitive Advantage and Financial Strategy: A Perspective from Corporate Maturity Mismatched Investment. Journal of Competitiveness. 2021; 13 (1):164-181.
Chicago/Turabian StyleCan Wang; Tomas Brabenec; Peng Gao; Ziyu Tang. 2021. "The Business Strategy, Competitive Advantage and Financial Strategy: A Perspective from Corporate Maturity Mismatched Investment." Journal of Competitiveness 13, no. 1: 164-181.
The aim of this paper is to review the impact of entrepreneurs' attitudes toward the defined business risks on the perception of the future of small and medium-sized enterprises (SMEs). 454 SMEs from the Czech Republic (CR) participated in the research and completed an online questionnaire. Structural equation modelling and factor analysis were used to identify the causal relationships between the examined variables. Entrepreneurs' attitudes toward business failure also have a positive effect on the future of the SME. The perception of financial risk in positive indicators of financial performance and the perception of financial risk as part of the company's everyday life have the most significant impact on future business. Operational risk is reflected in the utilisation of corporate resources, reducing customer complaints about the quality of the company's products and the company's independence of a limited number of suppliers. The company's sales volume adequacy provides a source of market risk. It has the third strongest positive impact on the future business in the SME segment. The research results provide a valuable platform for the authors of national and regional development strategic plans looking for SME support and development as well as the authors of the relevant policies.
Jan Dvorsky; Jaroslav Belas; Beata Gavurova; Tomas Brabenec. Business risk management in the context of small and medium-sized enterprises. Economic Research-Ekonomska Istraživanja 2020, 1 -19.
AMA StyleJan Dvorsky, Jaroslav Belas, Beata Gavurova, Tomas Brabenec. Business risk management in the context of small and medium-sized enterprises. Economic Research-Ekonomska Istraživanja. 2020; ():1-19.
Chicago/Turabian StyleJan Dvorsky; Jaroslav Belas; Beata Gavurova; Tomas Brabenec. 2020. "Business risk management in the context of small and medium-sized enterprises." Economic Research-Ekonomska Istraživanja , no. : 1-19.
Companies listed on the stock market must devote a great deal of attention to their market position. They must increase their competitive advantage in the undeniably key process of the issuance of stocks. As the issuance of preferred stocks has increased after the last crisis and in the current period of low interest rates in Europe, they are becoming more favoured investment instruments, we decided to analyse the real properties of preferred stocks in Europe in order to increase the efficiency of joint-stock companies. Using a dataset comprising all companies having both common and preferred stocks issued and traded on European markets between 2009- 2016, we determined the relationship of risk (measured by beta coefficients) and price volatility among common and preferred stocks and bonds in Europe. Our findings show beta coefficients of preferred stocks as systematically lower than beta coefficients of common stocks. Considering a difference of up to 10% as negligible, however, preferred stocks showed a similar or higher beta coefficient than corresponding common stocks of the same company in 53% of cases, whereas for 33% of cases, the difference is only ±10%. Coefficients of variation in prices showed a similar relationship, with only a negligible portion of preferred stocks bearing fixed (stable) dividends. This result implies that currently traded preferred stocks in Europe in fact do not possess such characteristics they are typically said to have, and in many cases they incur as comparable a risk as do common stocks. This essential information should help to increase the efficiency and competitiveness of joint-stock companies.
Tomas Brabenec; Frantisek Poborsky; Sean Patrick Saßmannshausen; Ostbayerische Technische Hochschule Regensburg. The Difference Between Preferred & Common Stocks in Europe from the Market Perspective. Journal of Competitiveness 2020, 12, 64 -81.
AMA StyleTomas Brabenec, Frantisek Poborsky, Sean Patrick Saßmannshausen, Ostbayerische Technische Hochschule Regensburg. The Difference Between Preferred & Common Stocks in Europe from the Market Perspective. Journal of Competitiveness. 2020; 12 (3):64-81.
Chicago/Turabian StyleTomas Brabenec; Frantisek Poborsky; Sean Patrick Saßmannshausen; Ostbayerische Technische Hochschule Regensburg. 2020. "The Difference Between Preferred & Common Stocks in Europe from the Market Perspective." Journal of Competitiveness 12, no. 3: 64-81.
The reconstruction of buildings generally prolongs their useful life, increases their utility value, and last but not least, leads to an increase in their value. These assumptions only apply if an independent third party reaches the same conclusion together with the owner. However, the undesirable effect of the reconstruction of a building may be a decrease in its value. The aim of this contribution is to determine the change in value of an older sample building assessed in the included case study as a result of its reconstruction. Valuation methods are applied, which, as it turns out, reveal the inaccuracy of the subjective view of the person who reconstructed the building. The resulting change in the value of the sample building is discussed from the point of view of the applied valuation methods and other value-creating aspects (subjective view of the owner on the value of the building, historical value of the building, etc.). The contribution concludes with recommendations for maximizing the increase in value of a property through its reconstruction so as to eliminate the risk of a decrease in its value.
Jaromir Vrbka; Tomas Krulicky; Tomas Brabenec; Jan Hejda. Determining the Increase in a Building’s Appreciation Rate Due to a Reconstruction. Sustainability 2020, 12, 7690 .
AMA StyleJaromir Vrbka, Tomas Krulicky, Tomas Brabenec, Jan Hejda. Determining the Increase in a Building’s Appreciation Rate Due to a Reconstruction. Sustainability. 2020; 12 (18):7690.
Chicago/Turabian StyleJaromir Vrbka; Tomas Krulicky; Tomas Brabenec; Jan Hejda. 2020. "Determining the Increase in a Building’s Appreciation Rate Due to a Reconstruction." Sustainability 12, no. 18: 7690.
International trade is an important factor of economic growth. While foreign trade has existed throughout the history, its political, economic and social importance has grown significantly in the last centuries. The objective of the contribution is to use machine learning forecasting for predicting the balance of trade of the Czech Republic (CR) and the People´s Republic of China (PRC) through analysing and machine learning forecasting of the CR import from the PRC and the CR export to the PRC. The data set includes monthly trade balance intervals from January 2000 to June 2019. The contribution investigates and subsequently smooths two time series: the CR import from the PRC; the CR export to the PRC. The balance of trade of both countries in the entire monitored period is negative from the perspective of the CR. A total of 10,000 neural networks are generated. 5 neural structures with the best characteristics are retained. Neural networks are able to capture both the trend of the entire time series and its seasonal fluctuations, but it is necessary to work with time series lag. The CR import from the PRC is growing and it is expected to grow in the future. The CR export to the PRC is growing and it is expected to grow in the future, but its increase in absolute values will be slower than the increase of the CR import from the PRC.
Tomas Brabenec; Petr Šuleř. Machine learning forecasting of CR and PRC balance of trade. SHS Web of Conferences 2020, 73, 01004 .
AMA StyleTomas Brabenec, Petr Šuleř. Machine learning forecasting of CR and PRC balance of trade. SHS Web of Conferences. 2020; 73 ():01004.
Chicago/Turabian StyleTomas Brabenec; Petr Šuleř. 2020. "Machine learning forecasting of CR and PRC balance of trade." SHS Web of Conferences 73, no. : 01004.
The People´s Republic of China is one of the largest, but also the most demanding markets in the world. The trade is limited by a number of barriers, strong competition and unusual environment for trades from other parts of the world. Despite those limitations, Czech exporters are able to establish themselves in the Chinese market, exporting mainly machines and vehicles. To predict future export trends is very difficult; however, these predictions can be crucial not only for individual exporters but also for the whole national economy. For predictions, economists use causal, intuitive or statistical methods. The objective of the contribution is to compare the accuracy of equalizing time series by means of regression analysis and artificial neural networks for a possible prediction of future export trends on the example of the Czech Republic export to the People´s Republic of China. For the purposes of analysis by means of statistical methods, the data obtained from monthly statements from the period starting from the year 2000 and ending in July 2018. First, a linear regression is carried out and subsequently, neural networks are used for regression. Finally, the results are compared. It appeared that in practice, mainly all retained neural networks are applicable. However, the first of them showed significant deviations within a very short period of time.
Tomáš Krulický; Tomas Brabenec. Comparison of neural networks and regression time series in predicting export from Czech Republic into People´s Republic of China. SHS Web of Conferences 2020, 73, 01015 .
AMA StyleTomáš Krulický, Tomas Brabenec. Comparison of neural networks and regression time series in predicting export from Czech Republic into People´s Republic of China. SHS Web of Conferences. 2020; 73 ():01015.
Chicago/Turabian StyleTomáš Krulický; Tomas Brabenec. 2020. "Comparison of neural networks and regression time series in predicting export from Czech Republic into People´s Republic of China." SHS Web of Conferences 73, no. : 01015.
Service level agreements (SLA) concerning services in research and development and other intangible assets in particular must be treated from the tax perspectiv
Tomas Brabenec. Transfer Pricing of Intangible Assets and R&D Services with Respect to a Service Level Agreement. SSRN Electronic Journal 2011, 1 .
AMA StyleTomas Brabenec. Transfer Pricing of Intangible Assets and R&D Services with Respect to a Service Level Agreement. SSRN Electronic Journal. 2011; ():1.
Chicago/Turabian StyleTomas Brabenec. 2011. "Transfer Pricing of Intangible Assets and R&D Services with Respect to a Service Level Agreement." SSRN Electronic Journal , no. : 1.
Cost contribution arrangements (CCAs) and Cost sharing agreements (CCAs) belong to the tools of modern finance management. Costs spend by associated enterprises
Tomas Brabenec. Transfer Pricing in Cost Contribution Arrangements. SSRN Electronic Journal 2010, 1 .
AMA StyleTomas Brabenec. Transfer Pricing in Cost Contribution Arrangements. SSRN Electronic Journal. 2010; ():1.
Chicago/Turabian StyleTomas Brabenec. 2010. "Transfer Pricing in Cost Contribution Arrangements." SSRN Electronic Journal , no. : 1.